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Thread: Mental Stop Loss, How does it work?

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    Mental Stop Loss, How does it work?

    There are people that have always talked mental Stop loss which involves the use of trading without actually setting a physical stop loss in the charts but trying to use an invisible one that is set in the minds of the forex trader, I personally trade this way most of the time because in the past I have always have reasons to use stop loss which always got hit, the sad and unfortunate part is that people are greedy and don't want to follow some basic rules, as a newbie I always felt that brokers were constantly on the look out for my trades for them to take me out, and for some reasons too I got used to trading with strictly mental Stop loss, that is my personal story about this matter.

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    Registered user ict2014's Avatar
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    Mental stop loss is not a sign of professional trading even it proof trader's weakness in entry or exit. Eventually, human expectation always high even who live in a hut as well as the most oldest and very near of death he dreams to live a high rich building. From this sense it is clear mental stop loss never a good wisher for this business since forex business price action is high so must we need to limit our loss and fixed our profit.

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    Last edited by ict2014; 04-20-2019 at 06:00 PM. Reason: correction

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    Quote Originally Posted by ict2014 View Post
    Mental stop loss is not a sign of professional trading even it proof trader's weakness in entry or exit. Eventually, human expectation always high even who live in a hut as well as the most oldest and very near of death he dreams to live a high rich building. From this sense it is clear mental stop loss never a good wisher for this business since forex business price action is high so must we need to limit our loss and fixed our profit.
    It is very dangerous for traders to be talking of mental stop loss,we do not control this market and at any point in time something can happen that will increase volatility making it very difficult for traders to close their trades,that is one of the major reason why we see traders with margin call all the time.

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    Registered user Sixteen's Avatar
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    I don't recommend not applying stop loss in each of our trade. Protecting our capital is very important and its the best thing we should keep doing to see we can have the best management and see we don't experience margin calls from trading. To gradually develop and gain from this business, we should build a way to manage risk and see we can keep earning when it's very important. Stop loss is important and if we can handle loss perfectly we will always have the capital to trade and seek for more pips.

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    Mental stop loss can be if trader sits in front of computer and watches the market and can close order any moment. But if trader leaves the computer for longer time so he has to place stop loss in order to be sure that market will not do sudden movements and will not burn his account. Stop loss is very good option to protect our accounts.

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    This is how mental stop loss work. A trader open a position in the market and refused to apply the stop loss order to his trade believing that he can always fix that with time at a particular time.Of course, this can be done by the trader, but i do not think that it is the best way to trade the forex market because there are so many time we do not expect to see volatility in the market and yet they can occur any time without notice or warning.

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    Loss is part of the market but it's good we prevent it some times, with the right trading strategy and we are able to analyze the market properly and get accurate signal we can avoid loss most of the time but even at that some trades ain't just perfect we can still experience some unexpected loss, therefore it's important we protect our investment with stop loss because we don't no exactly when those losses will occur.

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    Stoploss is important, we can't ignore the fact that the forex trading market has the potentials of making a trader loss all their money, even when we have the best of trading strategy, we ought to still make sure that w are making use of mental stoploss and then protecting our trades, that is actually the best thing to be done, I don't consider it a wise decision opening a trade with no plan for the use of immediate stoploss.

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    Quote Originally Posted by simisola View Post
    as a newbie I always felt that brokers were constantly on the look out for my trades for them to take me out, and for some reasons too I got used to trading with strictly mental Stop loss,
    I used to think that brokers are looking out for means of getting our top losses hit because then I would set my stop loss at the wrong level which makes it very easy for the price to come back and hit it but I would always suspect the brokers but they have nothing to do with this events but I was ignorant of it, and when I started learning how to trade and came to know the truth it changed the way I think and helped me become the better and profitable forex trader again. We must always place our stop loss in the market because emotions would always come into play when we are using just the mental stops alone.

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    Mental stop loss is not a good way to protect our investment, cause trading without stop loss is very risky unexpectedly we can lose heavy amount to the market we can even lose all our money to the market when we are trading without stop loss, so I don't think it's a good thing to be trading the market without stop loss, stop loss is important so we must use it always.

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    Stoploss in trade is very important and main factor for trading because without of our trade success is very crucial we always develop our strategy and find the level where we enter in this market and where exit , that will protect our account and also provide trader chances of wining and our trading will be most successful and we use different trade strategies .

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